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By Ankur Banerjee SINGAPORE, July 3 (Reuters) – The yen remained hunkered just below the psychologically important barrier of 145 per U.S.
dollar on Monday, while the dollar was on the back foot after U.S. “Intervention is best conceived of as an escalation ladder,” said Marc Chandler, chief market strategist at Bannockburn Forex.
“Among the highest rungs is the coordinated intervention… It was at 183.47 per sterling, just below the seven-and-a-half-year low of 183.86 it hit on Friday. The low rungs on the escalation ladder are different types of verbal intervention.” Japan bought yen in September, its first foray in the market to boost its currency since 1998, after a Bank of Japan (BOJ) decision to maintain ultra-loose policy drove the yen as low as 145 per dollar.
It intervened again in October after the yen plunged to a 32-year low of 151.94. The yen weakened 0.03% to 144.38 per dollar in early Asian hours to kick start the second half of the year having dropped 9% against the dollar in the first six months of the year.
Against the euro, the yen was hovering at 157.495, below the 15-year low of 158 it touched last week. Still, business sentiment improved in the second quarter as easing supply constraints and the removal of pandemic curbs lifted factory output and consumption, a central bank survey showed, a sign the economy was on course for a steady recovery.
Investor focus this week will be on the minutes of the U.S. The personal consumption expenditures (PCE) price index gained 0.1% for the month after a 0.4% rise in April.
It advanced 3.8% on an annual basis, slowing from a revised 4.3% the prior month. Federal Reserve’s June meeting due on Wednesday. The Asian currency briefly passed 145 per dollar on Friday, 交易手续费 hitting a near eight-month low of 145.07 as investors keep an eye on whether Japanese authorities will intervene in the currency market.
Finance Minister Shunichi Suzuki on Friday said Japan would take appropriate steps in response to excessive yen weakening, in the latest comment from government ministers and officials. economy is not slowing as forecast,” Citi strategists said in a client note. “Surprisingly strong job growth is keeping labour markets tight while providing the nominal spending power to drive services consumption.” Markets are pricing in a 84% chance of the Fed hiking rates by 25 basis points in its July meeting, CME FedWatch tool showed.
Investor attention will also be on the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS and monthly payrolls report due later this week that will help gauge the labour market in the United States. The PCE gauges were still well above the Fed’s 2% inflation target. Sterling last fetched $1.2694, down 0.08% on the day. economic data last week showed slightly easing inflation and consumer spending. In cryptocurrencies, bitcoin last rose 1.02% to $30,699.00. Ethereum last rose 0.88% to $1,943.94. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar $1.0915 $1.0909 +0.06% +1.87% +1.0917 +1.0901 Dollar/Yen 144.4450 144.3350 +0.10% +10.10% +144.5300 +144.4650 Euro/Yen
The Australian dollar fell 0.14% to $0.666, while the New Zealand dollar rose 0.16% to $0.613.
======================================================== Currency bid prices at 0142 GMT Description RIC Last U.S. Against a basket of currencies, the dollar was at 102.94, having dropped 0.4% on Friday.
The euro eased 0.04% to $1.0906. The central bank decided to leave interest rates unchanged in its June meeting but hinted that borrowing costs may still need to rise by as much as half of a percentage point by the end of the year.
Data on Friday showed cooler-than-expected inflation in May, while consumer spending abruptly decelerated, providing further evidence that the Fed’s hikes are having their desired effect.
Earlier this month, the regulator sued major exchanges Coinbase and Binance in high-profile lawsuits that reverberated through the digital assets industry. (Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath)
At crypto broker Genesis Trading, “dozens” of top-tier clients have increased their exposure to bitcoin following the BlackRock filing, said Gordon Grant, managing director of sales and trading.
His brother explained that Forsyth had kept his relationship with his fiancé secret out of respect for his ex-wife during their divorce – which saw a judge order the doctor to pay about $19,000 a month in alimony and child support.